EU to Exclude Big Tech from New Financial Data-Sharing System #
The European Union is preparing to bar major technology companies from accessing its upcoming financial data-sharing framework, according to the Financial Times. The move is aimed at limiting the influence of U.S. tech giants in Europe’s payments and banking ecosystem, while giving banks and licensed fintechs priority access to customer financial data
The framework, which builds on open banking rules under PSD2, is designed to expand consumer choice and improve competition by making it easier for authorized firms to build services around shared account and payments data. Excluding Big Tech reflects EU concerns that firms like Apple, Google, and Meta could dominate the market if granted the same access rights as regulated financial institutions
The decision is expected to trigger debate among industry groups, with fintechs welcoming the clarity while some policymakers worry it could restrict innovation. The system is still under development and will be introduced as part of the EU’s broader payments and open finance strategy.